On December 1, Year 1, Michaels, a self-employed cash basis taxpayer, borrowed USD100,000 to use in her business. The loan was to be repaid on November 30, Year 2. Michaels paid the entire interest of USD12,000 on December 1, Year 1. What amount of interest was deductible on Michaels' Year 2 income tax return?
参考答案(由小熊题库网聘请的专业题库老师提供的解答)
请点击↑↑↑ 查看官方参考答案 按钮
习题解析
请点击 查看官方参考答案 按钮
您可能感兴趣的题目
1 .In complying with GASB #34, a government will present separate fund financial statements for its governmental and proprietary funds. The purpose of this presentation is to:
A Report additional and detailed information about the primary government. B Document the prioritization of general revenue allocations. C Provide internal transfer pricing data regarding individual internal service funds. D Demonstrate compliance with legal, regulatory or other budgetary compliance...
2 .The IRS often makes adjustments when there are transfer pricing issues. Transfer pricing issues exist under which of the following circumstances?
A A U.S.-based taxpayer sells tangible property to an affiliate that is subject to U.S. income tax. B A U.S.-based taxpayer enters into a service contract with an affiliate that is subject to U.S. income tax and files a consolidated income tax return with the U.S.-based taxpayer. C A U.S.-based taxp...
3 .Which of the following characteristics of service efforts and accomplishments is the most difficult to report for a governmental entity?
A Relevance. B Comparability. C Consistency. D Timeliness.
4 .A review of Bearing's Year 2 records disclosed the following tax information:WagesUSD18,000Taxable interest and qualifying dividends4,000Schedule C trucking business net income32,000Rental (loss) from residential property(35,000)Limited partnership (loss)(5,000)Bearing actively participated in the rental property and was a limited partner in the partnership. Bearing had sufficient amounts at risk for the rental property and the partnership. What is Bearing's Year 2 adjusted gross income?
A USD 54,000 B USD 19,000 C USD 29,000 D USD 14,000
5 .The only fund that should show a positive amount in its unassigned fund balance classification would be the:
A Permanent fund. B General fund. C Special revenue fund. D Capital projects fund.
7 .Which of the following is the measurement focus and basis of accounting for the government-wide financial statements?
A Measurement focus Current financial resources； Basis of accounting Accrual B Measurement focus Economic resources； Basis of accounting Accrual C Measurement focus Current financial resources； Basis of accounting Modified accrual D Measurement focus Economic resources； Basis of accounting M...
8 .Smith has an adjusted gross income (AGI) of USD120,000 without taking into consideration USD40,000 of losses from rental real estate activities. Smith actively participates in the rental real estate activities. What amount of the rental losses may Smith deduct in determining taxable income?
A USD 0 B USD 40,000 C USD 15,000 D USD 20,000
9 .Expenditures of a governmental unit for insurance extending over more than one accounting period:
A Must be accounted for as expenditures of the periods subsequent to acquisition. B Must be accounted for as expenditures of the period of acquisition. C Must be allocated between or among accounting periods. D May be allocated between or among accounting periods or may be accounted for as expenditu...
10 .Flowers, a married taxpayer, purchased an annuity for USD64,400 that will pay USD700 per month over the life of Flowers and Flowers' spouse. At the time of purchase, the couple's joint life expectancy was 23 years. Flowers received payment beginning April 1, Year 1, amounting to USD6,300 in the first year of the annuity contract. How much is includable in Flowers' gross income in the first year?
A USD 0 B USD 4,200 C USD 2,100 D USD 6,300
